Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 02/28/17 Desk Report B. Riley AM Note: AEO, AMC, CTSO, HEAR, ISIL (discontinuation), KTOS, MEI, MRVL, NTRI, PODD, SRI, STMP, SUP, TRUE; Optical Components (CIEN, FNSR,…
  • 02/28/17 Update KTOS ($8.76, Buy; $11.00 PT): KTOS Beats, Looks to Expand Tactical Unmanned Combat Aircraft Manufacturing Footprint Outside of California; Raising…
  • 02/28/17 Update NTRI ($39.20, Buy; $57.00 PT): Raising 2017E EPS by 19% and Price Target from $43 to $57
  • 02/28/17 Update HEAR ($1.13, Neutral; $1.40 PT): Q4 Preview; Continue to See Near-Term Risk to Sales/Margin Trends and Time for HyperSound Strategy to Develop; Remaining…
  • 02/28/17 Update CTSO ($5.60, Buy; $11.25 PT): 4Q16 Preview: Increasing Q4 Estimates While Expecting Strong Sales Momentum Going Into 2017; Maintaining Buy Rating…
  • 02/28/17 Update Industry Update: The Weiser Consumer - Weekly Highlights (AVP, FLWS, JAKK, MAT, NWL, PBH)
  • 02/28/17 Update ISIL ($22.50, Neutral; $22.50 PT): Discontinuing Coverage of ISIL On Successful Acquisition By Renesas Electronics
  • 02/28/17 Update PODD ($46.17, Neutral; $44.00 PT): Top-line Beat, but Wider Net Loss due to Additional Headcount and Commercial Expansion, Maintain Neutral and Increasing…
  • 02/28/17 Update MEI ($42.30, Buy; $46.50 PT): Earnings Preview: Setup Favors Adding Post-Print; Long-Term Attractiveness Remains; Maintain Buy & $46.50 PT
  • 02/28/17 Update SRI ($16.85, Buy; $21.50 PT): Earnings Preview: Expect Solid Print/Guide as Orlaco Complements Internal Improvements; Raising PT to $21.50, Reiterate…
  • 02/28/17 Update SUP ($23.45, Neutral; $26.50 PT): Earnings Preview: Expect Slight Upside Q4; Rolling Fwd Valuation to 2018; Lowering PT From $29 to $26.50; Maintain…
  • 02/27/17 Update Industry Update: Optical Components Recap – Buy FNSR and LITE
  • 02/27/17 Update TREC ($12.25, Buy; $17.00 PT): Earnings Preview: Expect Q4 Results In Line With Expectations; Rising Feedstock Costs Could Pressure Margins; Growth…
  • 02/27/17 Morning Note B. Riley AM Note: CROX, DRAD, FL, IDSY, IMMR, JCP (downgrade), NTRI, NWL, PRGO, PRGX, SHOO (upgrade), SQNS, TREC; Internet (NAME, XOXO), Semiconductors…
  • 02/27/17 Update Industry Update: Semi Sector Off-Cycle Result And A-Day Preview: AVGO, MRVL, SLAB, NLST, SMTC & ON
  • 02/27/17 Update SHOO ($37.15, Buy; $45.00 PT): Discussion Around Last Week’s Footwear Show & Our Latest Checks Underscore Potential for Growth Re-acceleration in…
  • 02/27/17 Update JCP ($6.46, Neutral; $7.50 PT): Awaiting Return to More Aggressive Real Estate Monetization; Seeking Clear Path to Sustainable Positive Trend in Apparel;…
  • 02/27/17 Update PRGX ($5.80, Buy; $6.50 PT): Q4 ’16 Earnings Preview; Reiterate Buy Rating and $6.50 Price Target
  • 02/27/17 Update Industry Update: Internet Earnings Preview Week of February 27, 2017 – NAME, XOXO
  • 02/27/17 Update CROX ($6.66, Neutral; $8.00 PT): We Expect 4Q16 Results to Essentially Be In Line with Plan; Warm Winter was not Bad for CROX; but Company Still Facing…
  • 02/27/17 Update NTRI ($38.15, Buy; $43.00 PT): 4Q16 Preview—Unlike Last Year, Strong Stock Performance Ahead of Diet Season Guidance
  • 02/27/17 Update DRAD ($5.25, Buy; $6.70 PT): DRAD Reports Mixed 4Q16 Results, Management Holds Off on Initial Guidance but Indicates Normalized FCF Should Increase…
  • 02/27/17 Update IMMR ($11.49, Buy; $13.00 PT): Earnings Preview: Raising PT from $11 to $13 After Favorable Markman Ruling; Eyeing 2017 Guidance Following a String…
  • 02/27/17 Update IDSY ($5.77, Buy; $7.00 PT): Earnings Preview: Anticipated Return to Top-line Growth in 2017 with Multiple Large Deployment Opportunities Following…
  • 02/24/17 Update FL ($74.07, Buy; $79.00 PT): Better-than-Expected 4Q16 Comp/EPS; FY17 Guidance is +MSD% Comp and +DD% EPS Growth, but 1Q17 Off to a Slow Start on…
  • 02/24/17 Morning Note B. Riley AM Note: AMAT, AMSWA, CNK, IDCC, IMAX, JAKK, KEM, KLAC, KTOS, LFGR, LRCX, MCS, NCMI, SENS, STMP, WMAR
  • 02/24/17 Update KTOS ($8.51, Buy; $9.00 PT): Earnings Preview: Increasing FY ‘17/’18 Projections to Reflect Budgetary Tailwinds; See Upside with Continued Unmanned…
  • 02/24/17 Update STMP ($133.75, Buy; $210.00 PT): Reports Q4 ’16 Results Above Expectations; Raising Estimates and Increasing Price Target From $184.00 to $210.00;…
  • 02/24/17 Update NCMI ($12.43, Buy; $16.00 PT): Upside Q4 Results; Conservative 2017 Guide Provides an Upward Bias into the Stronger Slate; Take Advantage of 7% Dividend…
  • 02/24/17 Update AMSWA ($10.62, Buy; $12.25 PT): Reports Mixed Q3 ’17 Results; Trimming Revenue Estimates; Raising Price Target From $12.00 To $12.25 Due To Monetization…
  • 02/24/17 Update MCS ($31.40, Buy; $39.00 PT): Upside Q4 Results; Continued Theater Division Outperformance Drives Optimism Around Potential to Boost Wehrenberg Results…
  • 02/24/17 Update KEM ($10.40, Buy; $13.50 PT): KEMET Announces Definitive Agreements to Complete NEC TOKIN Acquisition with Decidedly Favorable Terms; Raising PT From…
  • 02/24/17 Update LFGR ($8.35, Buy; $9.00 PT): Mixed Q4 But the Foundation is in Place as 2H Should See Easy Comps and Improved Organic Growth; Buy on Pullback
  • 02/24/17 Update SENS ($2.32, Buy; $5.00 PT): Controlled Rollout of Eversense CGM Continues in Europe. 4Q:16 Revenue In-line with Preannouncement - Maintain Buy and…
  • 02/24/17 Update JAKK ($5.70, Neutral; $5.00 PT): Upside Surprise vs. Negative Pre-Announcement; Maintaining $5 Price Target
  • 02/24/17 Update CNK ($43.12, Buy; $52.50 PT): Mixed Q4 Results; Strengthening Domestic Trends Should Provide Comfort as LatAm Stabilizes; Dividend Hike and Projected…
  • 02/24/17 Update IDCC ($87.80, Neutral; $86.00 PT): Upside Q4 Results; Marked Shift to Fixed Fee Agreements and Near-Term Hillcrest Labs Margin Pressure Could Hold…
  • 02/24/17 Update IMAX ($31.15, Buy; $46.00 PT): Upside Q4 Results; Take Advantage of Short-Term Investor Focus Holding Back Shares as Opposed to Long-Term Benefits…
  • 02/24/17 Update WMAR ($8.92, Buy; $12.00 PT): Strong Q4 Beat; Guides FY17 EBT Well Above Consensus; Raising Estimates, PT to $12; Reiterate Buy With Shares Trading…
  • 02/23/17 Update NVRO ($94.94, Buy; $108.00 PT): Another Revenue Beat, But Higher Operating Expenses Hurts Bottom-Line; Increasing FY17 Revenue Estimates - Maintain…
  • 02/23/17 Morning Note B. Riley AM Note: AXTI, BV, DMRC, DORM, GPX, HSKA, OSIS, WWW
  • 02/23/17 Update WWW ($25.25, Neutral; $26.00 PT): 4Q16 Sales/EPS Beat Despite Recent Pre-Announcement; FY17 Guidance In Line with Consensus; Sales Planned Down but…
  • 02/23/17 Update OSIS ($77.18, Buy; $87.00 PT): OSIS Completes Its 144A Offering & Sells Non-Core Assets; Maintaining Buy Rating While Increasing PT to $87 from $85
  • 02/23/17 Update AXTI ($6.90, Buy; $8.25 PT): Solid 4Q/1Q Results/Outlook; Growth Prospects Remain Compelling; Raising PT from $8.00 to $8.25; Maintain Buy
  • 02/23/17 Update DMRC ($24.65, Buy; $44.00 PT): Q4 EBITDA Beat on Light Revenue; Publicized Progress of Barcode Deployment at Large Enterprises Could Spur Expedited…
  • 02/23/17 Update HSKA ($82.22, Neutral; $70.50 PT): Q4 ’16 Earnings Preview: Expect Results In Line With or Better and Solid Finish to ‘16; Introducing ’18 Estimates…
  • 02/23/17 Update GPX ($24.95, Neutral; $24.00 PT): Q4 ’16 Earnings Preview; Reiterate Neutral Rating and $24.00 Price Target
  • 02/23/17 Update BV ($4.60, Buy; $8.00 PT): Q3 ’17 Earnings Preview; Reiterate Buy Rating and $8.00 Price Target
  • 02/22/17 Update DORM ($77.72, Neutral; $70.00 PT): Extra Week Helps Drive Q4 Upside, as GM% Reaches Rarified Air; 2017 Guidance Unchanged; Raising PT from $58 to…
  • 02/22/17 Update LFGR ($8.10, Buy; $9.00 PT): 4Q16 Preview: Expect Content/Media Outperformance Signaling Turnaround
  • 02/22/17 Update VPG ($16.85, Buy; $21.50 PT): Reports Mixed Q4 Results; Q1 Revenue Guidance Brackets Our Forecast; Tweaking Our FY ’17 Revenue/Adj. EBITDA Estimates…
  • 02/22/17 Update CTG ($5.39, Buy; $7.00 PT): Q4 Results Beat; FY ’17 Guidance Above Expectations; Raising Estimates and Increasing Price Target from $5.50 to $7.00;…
  • 02/22/17 Morning Note B. Riley AM Note: CTG, LFGR, MAT, ROG, VPG, XCRA
  • 02/22/17 Update XCRA ($8.94, Buy; $11.00 PT): Better Print And Guide As Product Traction Visibly Improves; PT From $8.00 To $11.00
  • 02/22/17 Update ROG ($86.55, Buy; $105.00 PT): Beat/Raise With Secular Tailwinds And Deal Synergies To Come, PT To $105.00